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PSG Angles and Perspectives: Q1 2019

30 April 2019

PSG Angles and Perspectives: Q1 2019

In this edition, we respond to some of the most pressing questions we’ve recently received from investors, placing the short-term performance of our funds in context, addressing perceptions around risk and highlighting the attractiveness of the current opportunities we’re finding. We also delve deeper into the positioning of our multi-asset funds, and why we’re optimistic about the odds of achieving our client mandates under a range of possible future outcomes. Finally, we consider our funds’ previous investments in Anglo American Platinum, as a practical case study of our preference to buy when prices are low and to remain disciplined in selling when our required margin of safety diminishes.

Introduction

Market outcomes are uncertain and investors are skittish
Last year marked the FTSE/JSE All Share Index’s worst year since the global financial crisis, with the overall index down in rand terms at year-end. Even more discouraging was that this signified one of the worst five-year periods the local market had seen in decades, deepening investor disillusionment. ... Read more

Around the table with our investment team


Following a volatile start to 2019, our investment team responds to some key investor concerns
The market volatility and economic uncertainty that characterised much of 2018 continued into the new year. This has been heightened locally by intensified electioneering in the run-up to the general elections in May and the return of load shedding.... Read more

Balancing offence and defence to build all-weather portfolios


We are excited about the opportunity set embedded in our funds
Poor market sentiment locally and elevated economic uncertainty globally have weighed on investors in recent months. For us, the parts of the markets most clouded by fear are those that present the best opportunities. While we know that it will take time to realise mispriced value, we’re excited by the prospects our process is uncovering. They’re what we refer to as coiled springs: opportunities with the potential for significant upside. ... Read more

Investing in resource companies:
getting the odds in your favour in a high-risk, high-return sector


We are often asked on what basis we invest in resource companies
Mining shares were one of the few places to hide in 2018, offering the only double-digit returns in the FTSE/JSE Top 40 Index, which was down overall. Yet we have been reducing exposure to this sector, with mining shares now comprising less than 8% of the PSG Equity Fund compared to 14% early in 2016. ... Read more

Portfolio Holdings as at 31 March 2019

  • Click here to view the portfolio holdings of the funds as at 31 March 2019

Performance to 31 March 2019

  • Click here to view the performance of the funds to 31 March 2019

Unit trust summary

  • Click here to view the unit trust summary of the funds as at 31 March 2019

PSG Angles and Perspectives: Q1 2019 (pdf)

  • Click here to view the full document in PDF

Archive of previous editions

  • Click here to view previous editions

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